—(1) Any person who wrongfully, vexatiously or without reasonable cause —
lodges a caveat with the Registrar;
procures the lapsing of such a caveat; or
being the caveator, refuses or fails to withdraw such a caveat after being requested to do so,
(2) The compensation referred to in subsection (1) shall be recoverable in proceedings taken in a court by the person who claims to have sustained the pecuniary loss.
(3) A person who is a caveator shall not be entitled to bring proceedings under subsection (1)(b) if that person, having had an opportunity to do so, has failed to take all reasonable steps to prevent the caveat from lapsing.
(4) For the purposes of this section, a caveator shall be deemed to allow a caveat to remain without reasonable cause if he fails to withdraw it within 7 days of the day on which his right to the interest claimed terminates.